9th September, 2002
FORTH PORTS PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH JUNE 2002
Forth Ports today announces interim results for the six months ended 30th June
2002. The Group owns and operates seven major commercial ports in the UK. In
addition, Forth has significant property interests which it continues to
develop as part of its commitment to focus on improving shareholder returns.
Financial Highlights
* Underlying group turnover of �54.7m (2001: �55.9m)
* Profit before tax up 5% to �14.5m (2001: �13.9m)
* 10% increase in interim dividend to 11p (2001: 10p) reflecting confidence
in the full year
* Basic earnings per share up 14% to 24.8p (2001 - 21.7p)
* Underlying earnings per share: 18.9p (2001 - 21.7p)
* Further commitment to share buy back
Operational Highlights
* Difficult first half in ports' business but expect improved performance in
second half
* Sale of Forthline shipping company and purchase of Grainfax Limited
* New business wins for second half of year
* Strengthened Scottish Ports Team
* Increase in major organic growth projects
* Strategic property partnership with Bellhouse Joseph in place
* Outline Planning Consent granted for Western Harbour Leith
Commenting on today's results, Charles Hammond, Chief Executive said:
"After a difficult first half, we would expect the trading position for the
year in ports to approach that which was achieved last year. We continue to
maximise our exciting property potential. The second half of the year should
see the grant of outline planning for our Granton development together with the
sale of further residential sites at Western Harbour and Granton. This gives us
confidence that we should have another successful year.
Over the medium to long-term, we aim to generate real dividend and earnings
growth for our shareholders. We are encouraged by the current number and
quality of organic growth opportunities."
Enquiries:
Charles Hammond, Chief Forth Ports PLC Tel: 0207 404 5959
Executive
Wilson Murray, Finance on 9.9.02
Director
Thereafter 0131 555 8700
Katharine Sharkey/Kate Brunswick Tel: 0207 404 5959
Miller
CHAIRMAN'S AND CHIEF EXECUTIVE'S REPORT
Group turnover decreased by just over 2% from �55.9 million to �54.7 million
after eliminating the effect of the sale of Forthline Limited. Overall, profit
before tax increased to �14.5 million from �13.9 million. Exceptional severance
costs of �1.4 million arose principally out of our decisions to outsource plant
maintenance at Tilbury and to centralise the Scottish accounting and
administration at Grangemouth. The Group realised an exceptional gain of �3.2
million arising from the Bellhouse Joseph Leith ("BJL") transaction and an
exceptional gain of �0.7 million on the sale of our investment in the East Old
Dock Company Limited. The basic earnings per share increased by 14% to 24.8p
(2001 - 21.7p). Excluding the exceptional gains and costs, the underlying
earnings per share decreased by 13% to 18.9p (2001 - 21.7p).
The first half of 2002 has been challenging. As indicated to shareholders at
the time of the Preliminary Statement, the ports' business faced a difficult
market place in the first half, particularly in the first quarter. For the
first time in many years it experienced a seasonal effect on tonnages. This,
coupled with new business gains, should lead to an improved performance in the
second half of 2002.
In property, we announced the granting of outline planning consent for the
major development at Western Harbour Leith and, in May, we confirmed the
introduction of BJL as our equity property partner. Both events are very
positive for the Group.
In August, we purchased the business of Grainfax Limited, a tenant at Dundee
which specialises in the storage, drying, testing and forwarding of grain. This
acquisition will allow us to offer a full value added service to our grain and
agricultural customers at Dundee and, where appropriate, in our other Scottish
ports.
In accordance with its progressive dividend policy and, in expectation of
another successful year, the Board has decided that the interim dividend will
increase by 10% to 11p per share (2001 - 10p). The interim dividend will be
paid on 1st November 2002 to shareholders on the register at 11th October 2002.
Review of Ports' Business
Turnover decreased by 3% to �52.9 million (2001 - �54.6 million) after
adjusting for discontinued activities. The pre-exceptional operating profit
fell to �13.9 million (2001 - �15.9 million) reflecting the difficult trading
conditions experienced in the first half and increased insurance charges. Piped
cargo tonnages increased by nearly 2% to reach 19.5 million tonnes. Dry cargo
tonnages amounted to 5.4 million tonnes, down 0.5 million tonnes against 2001
principally as a result of poor grain export tonnages at Tilbury. In reviewing
the cost base, two major initiatives were taken: centralisation of the Scottish
accounting and administration at Grangemouth and outsourcing of the plant
maintenance at Tilbury. This, together with other voluntary severances in
Scotland, will result in 49 employees leaving on severance by the end of the
year at a cost of �1.4 million.
Scottish Ports
The Scottish ports' performance was mixed. Whilst Grangemouth, Rosyth and the
Marine activities improved in financial terms, Leith and Dundee were below
expectations. Overall, the dry cargo tonnages were 4% lower at 2.1 million
tonnes; the mix of cargoes in 2002 was weighted more towards lower value
commodities. More particularly, at Leith, there was a significant increase in
aggregate tonnages offset by coated pipe tonnages which were lower than
expected due to a delayed load-out requirement from the customer.
Grangemouth
There was a continuing increase in containers, up 10% at over 47,000 boxes in
the first half of the year, although overall tonnages were down by 8% at 4.3
million tonnes. Three new container services were attracted in the first half
linking Grangemouth with the Baltic, Tilbury and Rotterdam. Container volumes
continue to grow more strongly in the second half. Pulp tonnages were reduced
at Grangemouth, but this was offset to a large extent by an increase in timber
tonnages. Although the piped cargo tonnage was down by over 350,000 tonnes,
there was a substitution effect which resulted in an even larger tonnage
increase being loaded out through the Hound Point Marine Terminal. Looking
forward, we are attracting increasing demand for warehousing facilities within
the port linked to greater throughputs and will be providing customers with
100,000 sq.ft. of additional storage capacity in 2003.
Leith
After a 38% increase in the first half of 2001, the port tonnage to the end of
June declined slightly at just under 900,000 tonnes. Within this total tonnage,
there was a welcome increase in grain (both import and export) and a
significant increase in aggregates, up over 134% at 124,000 tonnes. Cement
imports increased, but exports were lower due to reduced demand in Norway.
Tonnages for Bredero Price Coaters ("BPC") were more than 100,000 tonnes lower
in the first half of this year. However, over 100,000 tonnes of coated pipe
await export to Shell in Nigeria and current indications are that most of this
cargo will be exported in the last four months of this year. There are also
good prospects of handling additional pipe cargo business through new contract
wins which would increase tonnages in the last quarter of this year and the
first half of 2003.
Rosyth
The new daily Superfast Ferry service from Rosyth to Zeebrugge started on
schedule on 17th May 2002. Passenger bookings are at a healthy level through to
October. On the freight side, bookings have been building up and are expected
to improve further by the final quarter of this year. The service is
contributing positively to earnings in the second half.
The port has continued to increase its tonnages of timber which are now up 10%
on the equivalent period for 2001. Rosyth has recently handled a trial shipment
of coal destined for Longannet Power Station and as a consequence we have
recently concluded discussions with Scottish Power which should see the
importation of regular shipments of coal over the next eighteen months.
Dundee
Overall, tonnages at Dundee reached nearly 550,000 tonnes in the first half
compared with 500,000 tonnes in the previous year. The major increase was in
piped cargo where the tonnage increased by over 70,000 tonnes. However, pulp
tonnages reduced significantly following the closure of certain Scottish paper
mills. Agripod and fertiliser tonnages improved in the first half.
The new extension to the Prince Charles Wharf is scheduled to be completed by
the end of this year. This will enable the port to offer a second berth at
Dundee to North Sea oil customers and should leave us well placed for future
business next year. The construction has already attracted a good level of
interest with customers increasing their storage requirements in the port's lay
down areas.
The acquisition of Grainfax Limited will enable us to offer a more integrated
service to agricultural customers in the Angus hinterland and is a good example
of broadening the range of services offered in the supply chain.
Burntisland
Within the last few days it was announced that the Alcan Chemicals facility at
Burntisland is likely to close. This will have a minimal effect on the Scottish
Ports' profitability this year. In the longer term, we would expect other
business gains and further cost reduction measures to more than offset this
loss of business.
Tilbury
It was a challenging first half at Tilbury where tonnages fell over 11% to 3.3
million tonnes against the equivalent period in 2001. Two areas in particular,
grain exports and Far Eastern timber, saw their tonnages reduced by nearly
350,000 tonnes and 50,000 tonnes respectively. The poor UK grain harvest (July
2001/June 2002) led to reduced exports: in the first half only 54,000 tonnes
were exported compared to the 1999-2001 half year average of 380,000 tonnes. As
a result of overstocking in 2001, the 2002 Far Eastern timber tonnages in the
first half amounted to only 44,000 tonnes compared with an average over the
three previous years of 100,000 tonnes.
Since the end of June, these trades have improved. Indications from the Home
Grown Cereals Authority are that the harvest July 2002/June 2003 will be good,
producing a high exportable surplus. Tilbury should therefore see a return to a
more normal level of grain exports in the second half of 2002 and have a strong
start to the first half of 2003. Over 25,000 tonnes of Far Eastern timber have
been landed at Tilbury since the end of June with a further 16,000 tonnes
advised. As a result, we expect a significant improvement in both traffics and
in Tilbury's performance overall in the second half.
The bulks business performed well in the first half with tonnages up 18% to
nearly 730,000 tonnes. The short-sea container business improved marginally on
last year's performance. Tilbury Container Services ("TCS") recently announced
that the EPIC Consortium had commenced calls at the new berth at Tilbury with
effect from the beginning of this month. Earlier in the year, the new P&O South
American "Lambada" service commenced calls at TCS. Both new services should add
significantly to the TCS business in a full year.
It was announced in May that Tilbury had won a contract to import Ford vans
from Turkey. This service commenced last month and should double the vehicles
handled at Tilbury in a full year. Terms have also recently been agreed with
Finnforest to build a further 100,000 sq.ft. of warehousing for Finnforest's
distribution centre at Tilbury. This will be part of the port's long-term
agreement with Finnforest.
At the end of last year, a management review of our plant maintenance
requirements at Tilbury was initiated. As a result, it was decided to
out-source the plant maintenance to Barlow Handling. This commenced in June and
the contract is for an initial seven year period. The benefits will start to
flow through in the second half of the year.
Property
Two major events took place in the first half of 2002: first, the granting of
outline planning approval for our Western Harbour mixed-use development
comprising 3,000 residential units, 500,000 sq.ft. of offices and 60,000 sq.ft.
of retail and second, the introduction of BJL as our 10% equity partner in the
property division.
Within the Western Harbour development, we have already sold four residential
sites for flats and intend to sell one further major site in the second half of
this year. We have also sold a site for a supermarket, subject to planning. The
property team are currently refining the layout and content of Western Harbour.
The grant of outline planning consent will enable the various residential sites
at Western Harbour to be tendered and sold over the next few years.
We announced our strategic partnership with BJL in May of this year whereby BJL
took an equity stake of 10% in our property business for a consideration of up
to �10 million. BJL have considerable expertise in mixed-use urban regeneration
projects and will complement our existing property team, particularly in office
development.
In July, BJL paid an initial tranche of �6 million for its shares in Forth
Property Holdings Limited with a further �1.42 million due in December 2002.
The balance of �2.58 million will be payable upon the grant of planning
approval for the Granton development. The first stage of this transaction
resulted in an exceptional gain of �3.2 million.
Our Western Harbour and Granton sites are well placed to offer a significant
contribution to Edinburgh's ongoing requirements for additional housing land.
In addition, these sites have the benefit of being brown-field and can
accommodate high density development all in accordance with the Government's
stated aims. We have made good progress in discussions on our outline planning
application for Granton and expect it to be granted before the end of the year.
To this end, we have exchanged one contract and are close to exchanging a
second contract with two developers for two sites at Granton which should see
over 350 residential flats being built in the first phase of this exciting new
development.
Our existing housing joint ventures with Morrison Homes continue to generate
healthy demand. All the flats at Kirkcaldy have now been sold and consideration
is being given to the next phase. At Queens Quay Leith, 98 out of the 106 flats
were sold by the end of June; the Newhaven Phase I development of 73 flats has
been sold and the Newhaven Phase II development of 171 flats is ready to start.
At Dundee, the demand for flats has been considerable and all the flats in
Phase I were sold as at 30th June.
It is nearly one year since the Ocean Terminal Shopping Centre opened and
steady progress has been made. A number of letting enquiries are active and we
are in advanced discussions with a major retailer which would be a welcome
addition to the type of shopping on offer at Ocean Terminal. With the building
of over 3,500 flats in and around Western Harbour, this increased local
population will bring further footfall to the shopping centre. We remain
confident of Ocean Terminal's long-term future and expect it to be earnings
positive by 2004.
Finance
Cash inflow from operations in the first half of 2002 amounted to �21.8 million
(2001 - �23.5 million). During the period �14.2 million was spent on fixed
assets of which �11.1 million gross related to the new Ferry Terminal at
Rosyth. Grants received as at 30th June on this project amounted to �4.5
million. �9 million was made available as a loan to Ocean Terminal Limited as
advised in March of this year.
With a full half-year effect of Ocean Terminal Limited included within the
accounts for the first time, the net interest charge increased to �4.1 million
from �3.1 million.
The gearing level of the Company as at 30th June 2002 amounted to 56% compared
with 55% at 30th June 2001. Interest cover, excluding the Group's share of the
Ocean Terminal interest, was 6 times (2001 - 5 times); including the Ocean
Terminal interest, interest cover was still a healthy 4 times.
At the end of November, the Group's existing employee share save scheme will
come to an end. At that time, the employees will be entitled to acquire
approximately 900,000 Ordinary Shares in the Company at a price of �4.81 per
Ordinary Share. It is the Company's intention to purchase shares in the market
through a Qualifying Employee Share Trust. In addition, the existing Employee
Trust will purchase sufficient shares to satisfy the Directors' share options
(currently 160,000 shares) which may be required before the end of this year.
Strategy
Our strategy is clear: we aim to generate real dividend and earnings growth
over the medium to long-term. To achieve this, we will continue to grow our
ports business organically and maximise our exciting property potential. Cash
and borrowing capacity not required for either of these purposes will be used
to pursue acquisitions and/or share buybacks if they enhance shareholder
returns and do not restrict our ability to invest in organic growth. Subject to
the above, it is the Board's intention to buy back up to �20 million of the
Company's shares on-market over the course of the next twelve months.
Prospects
We are actively pursuing a number of sizeable organic projects in Scotland and
England which are currently in development within the ports' business.
After a difficult first half, we believe that the second half will show a
return to more normalised levels and therefore, an improved performance.
Overall, we would expect the trading position for the year in ports to approach
that which was achieved last year. In our property business, the second half of
the year should see the grant of outline planning for our Granton development
together with the sale of further residential sites at Western Harbour and
Granton. This gives us confidence that we should have another successful year.
Christopher Collins Charles Hammond
CHAIRMAN CHIEF EXECUTIVE
9th September 2002
CONSOLIDATED PROFIT AND LOSS ACCOUNT
Unaudited Unaudited Unaudited Unaudited Audited
6 months 6 months 6 months 6 months year to
to 30.6.02 to 30.6.02 to to 30.6.01 31.12.01
30.6.02
Before Exceptional
exceptional items
items (Note 2) Total
Notes �000 �000 �000 �000 �000
Turnover 1
Group and share of
joint ventures
- continuing operations 63,401 - 63,401 57,984 138,637
- discontinued 1,002 - 1,002 3,098 6,691
operations
______ ______ ______ ______ ______
64,403 - 64,403 61,082 145,328
Less: share of joint (8,753) - (8,753) (2,120) (11,554)
ventures turnover
______ ______ ______ ______ ______
Group turnover 55,650 - 55,650 58,962 133,774
====== ====== ====== ====== ======
Continuing operations 2a 14,833 (1,446) 13,387 15,836 43,061
Discontinued operations (67) - (67) 3 95
______ ______ ______ ______ ______
Group operating profit 14,766 (1,446) 13,320 15,839 43,156
Share of operating 845 - 845 464 1,101
profit in - joint
ventures
- associates 631 - 631 659 1,356
______ ______ ______ ______ ______
Total operating profit
- group and share of
joint ventures and 16,242 (1,446) 14,796 16,962 45,613
associates
Exceptional items 2b - 3,885 3,885 - -
______ ______ ______ ______ ______
Profit on ordinary 16,242 2,439 18,681 16,962 45,613
activities before
interest
Net interest payable 4,137 - 4,137 3,106 6,536
______ ______ ______ ______ ______
Profit on ordinary 1 12,105 2,439 14,544 13,856 39,077
activities before
taxation
Taxation 3 3,632 (228) 3,404 4,091 11,427
______ ______ ______ ______ ______
Profit for the period
attributable to
shareholders 8,473 2,667 11,140 9,765 27,650
Proposed dividend 4,934 - 4,934 4,468 13,439
______ ______ ______ ______ ______
Retained profit for 3,539 2,667 6,206 5,297 14,211
period
====== ====== ====== ====== ======
Basic earnings per 4 24.8p 21.7p 61.4p
share
===== ===== =====
Diluted earnings per 4 24.6p 21.5p 61.0p
share
===== ===== =====
Underlying earnings per 4 18.9p 21.7p 61.4p
share
===== ===== =====
Dividend per share 11.0p 10.0p 30.0p
===== ===== =====
There were no
acquisitions during the
period.
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
Unaudited Unaudited Audited
6 months 6 months year
to 30.6.02 to to 31.12.01
30.6.01
�000 �000 �000
Profit for the period 11,140 9,765 27,650
Gain on disposal of shares
within the
Employee Share Option Plan 38 261 332
Currency translation
differences on foreign
currency net investments - -
(8)
______ ______ ______
Total recognised gains and
losses relating to
the period 11,178 10,018 27,982
Prior year adjustment - FRS - (9,424) (9,424)
19
______ ______ ______
Total gains and losses
recognised since
1st January 2002 11,178 594 18,558
====== ====== ======
CONSOLIDATED BALANCE SHEET
Unaudited Unaudited Audited
at 30.6.02 at 30.6.01 at
31.12.01
Notes �000 �000 �000
Fixed assets
Tangible assets 269,130 264,747 262,936
Investments in joint ventures:
Share of gross assets 77,304 66,376 85,772
Share of gross liabilities (71,879) (60,843) (79,643)
5,425 5,533 6,129
Investments in associates and own 4,328 4,896 5,204
shares held (ESOP)
_______ _______ _______
278,883 275,176 274,269
Current assets
Stocks and work in progress 15,176 5,815 12,523
Debtors - due within one year 5 56,373 34,634 35,201
- due after more than one year 13,390 11,074 15,921
Cash at bank and on deposit 5,865 557 4,877
_______ _______ _______
90,804 52,080 68,522
Creditors: amounts falling due 60,033 27,844 31,087
within one year
_______ _______ _______
Net current assets 30,771 24,236 37,435
_______ _______ _______
Total assets less current 309,654 299,412 311,704
liabilities
Creditors: amounts falling due after 85,755 98,755 103,755
more than one year
Provisions for liabilities and 13,314 12,826 13,234
charges
Deferred income 15,388 6,073 6,018
_______ _______ _______
Net assets 1 195,197 181,758 188,697
====== ====== ======
Equity shareholders' funds 195,197 181,758 188,697
====== ====== ======
CONSOLIDATED CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 6 months year
to 30.6.02 to 30.6.01 to 31.12.01
�000 �000 �000
Net cash inflow from operating activities 21,837 23,543 49,685
______ ______ ______
Dividend received from joint venture 175 - -
company
______ ______ ______
Returns on investments and servicing of
finance
Interest received 69 481 116
Interest paid (2,573) (4,027) (6,594)
Interest element of finance lease rentals - - (60)
______ ______ ______
Net cash outflow from returns on
investments and servicing of finance (2,504) (3,546) (6,538)
______ ______ ______
Taxation
UK tax paid (5,623) (3,986) (8,802)
______ ______ ______
Capital expenditure and financial
investment
Purchase of tangible fixed assets (14,230) (5,204) (16,404)
Sale of tangible fixed assets 2,037 6 9
Deferred income received 4,504 - 54
Investment in associated companies - (40) (60)
Sale of fixed asset investments 1,256 311 392
Loan to joint venture company (9,000) - (1,000)
______ ______ ______
Net cash outflow from capital expenditure
and investing activities (15,433) (4,927) (17,009)
______ ______ ______
Disposals
Proceeds from exceptional gain on sale of 657 - -
shares in joint venture company
Proceeds from exceptional gain on sale of 335 - --
trade and fixed assets of subsidiary
companies
______ ______ ______
Net cash inflow from disposals 992 - -
______ ______ ______
Equity dividends paid (8,971) (8,106) (12,574)
______ ______ ______
Cash (outflow)/inflow before financing (9,527) 2,978 4,762
______ ______ ______
Financing
Repurchase of own shares - - (2,054)
Net movement in loans/credit facilities 12,000 (7,000) (2,000)
Repayment of employee share option plan - (250) (250)
loan
Loan notes repaid (1,485) (1,121) (1,281)
Principal payments under finance leases - - (250)
______ ______ ______
Net cash inflow/(outflow) from financing 10,515 (8,371) (5,835)
______ ______ ______
Increase/(decrease) in cash 988 (5,393) (1,073)
====== ====== ======
Reconciliation to net debt
Net debt at 1st January (100,740) (103,448) (103,448)
Increase/(decrease) in cash 988 (5,393) (1,073)
Movement in borrowings (10,515) 8,371 3,781
_______ _______ _______
Net debt at period end (110,267) (100,470) (100,740)
====== ====== ======
Reconciliation of Operating Profit to
Net Cash Inflow from Operating Activities
Unaudited Unaudited Audited
6 months 6 months year
to 30.6.02 to 30.6.01 to 31.12.01
�000 �000 �000
Operating profit 14,766 15,839 43,156
Depreciation on tangible fixed assets 4,651 4,409 8,977
(Decrease)/increase in unrealised profit (420) - 254
eliminations
Loss/(gain) on disposal of tangible fixed 220 (267) 67
assets
Release of deferred income (130) (130) (261)
Goodwill written off on investments - - 1
Provision against investment in - - 89
associated company
Fixed assets transferred to work in 2,000 - 6,729
progress
Increase in stock and work in progress (2,653) (207) (6,915)
Decrease/(increase) in debtors 2,640 1,689 (2,491)
Increase in creditors 683 2,107 102
Increase/(decrease) in provisions 80 103 (23)
______ _______ ______
Net cash inflow from operating activities 21,837 23,543 49,685
====== ======= ======
Analysis of Changes in Net Debt
Cash Other
At 1.1.02 flow Movement At 30.6.02
�000 �000 �000 �000
Cash at bank and on deposit 4,877 988 - 5,865
Debt due within one year (1,752) 1,485 (30,000) (30,267)
Debt due outwith one year (103,500) (12,000) 30,000 (85,500)
Finance leases (365) - - (365)
_________ ________ ________ ________
Total net debt (100,740) (9,527) - (110,267)
======== ======= ======= =======
The other movement of �30 million reflects the reclassification of borrowings
from due outwith one year to due within one year.
NOTES:
1. The analysis by class of business of the Group's turnover, profit before
taxation and net assets is set out below:
Unaudited Unaudited Unaudited Unaudited Audited
6 months to 6 months to 6 months 6 months year to
to to
30.6.02 30.6.02 30.6.02 30.6.01 31.12.01
Before
Exceptional Exceptional
Items items Total
�000 �000 �000 �000 �000
Turnover
Port operations - 52,934 - 52,934 54,561 110,465
continuing
- discontinued 1,002 - 1,002 3,098 6,691
Investment property and
property development
- group 1,714 - 1,714 1,303 16,618
- joint ventures 8,753 - 8,753 2,120 11,554
______ ______ ______ ______ ______
64,403 - 64,403 61,082 145,328
====== ====== ====== ====== ======
Profit on ordinary
activities before taxation
Port operations - group 13,226 (1,446) 11,780 15,265 30,735
continuing
- group discontinued (67) - (67) 3 95
- associates 694 - 694 659 1,498
______ ______ ______ ______ ______
13,853 (1,446) 12,407 15,927 32,328
______ ______ ______ ______ ______
Investment property and
property development
- group 1,607 - 1,607 571 12,326
- joint ventures 845 - 845 464 1,101
- associates (63) - (63) - (142)
______ ______ ______ ______ ______
2,389 - 2,389 1,035 13,285
______ ______ ______ ______ ______
Exceptional gains - ports - 46 46 - -
- property - 3,839 3,839 - -
______ ______ ______ ______ ______
- 3,885 3,885 - -
______ ______ ______ ______ ______
Net interest payable - 2,171 - 2,171 3,010 5,772
group
- joint ventures 1,833 - 1,833 143 823
- associates 133 - 133 (47) (59)
______ ______ ______ ______ ______
4,137 - 4,137 3,106 6,536
______ ______ ______ ______ ______
Profit on ordinary 12,105 2,439 14,544 13,856 39,077
activities before taxation
====== ====== ====== ====== ======
Net assets
Port operations 264,659 247,987 245,925
Investment property and
property development
- group 35,380 28,708 37,383
- joint ventures 62,535 53,211 67,286
_______ _______ _______
362,574 329,906 350,594
Net interest bearing (110,267) (100,470) (100,740)
liabilities - group
- joint ventures (57,110) (47,678) (61,157)
_______ _______ _______
195,197 181,758 188,697
======= ======= =======
Turnover is principally generated in the UK.
Discontinued activities relate to the disposal of the Forthline shipping
business in March 2002.
2. Exceptional Items
Unaudited
6 months
to 30.6.02
�000
a) Continuing operations
Exceptional severance costs (1,446)
======
These costs relate principally to the costs of centralisation of the Scottish
Ports' accounting and administrative operations and contracting out of the
plant maintenance function at Tilbury.
b) Other
Exceptional gain on sale of shares in joint venture
company
(The East Old Dock Company Limited) 670
Exceptional gain on sale of trade and fixed assets of
subsidiary companies
(net of goodwill written back from Special Reserve of � 46
256,000)
Exceptional gain on subscription of shares by BJL in 3,169
subsidiary company
______
3,885
======
3. The taxation charge for the six months to 30th June 2002 has been provided
on the basis of the estimated effective tax rate for the year to 31st December
2002 being 30%. The exceptional gain on subscription of shares by BJL in the
subsidiary company is not taxable.
4. The basic and underlying earnings per share calculations are based on the
weighted average of Ordinary Shares in issue in the six months ended 30th June
2002 of 44.89 million (2001 - 45.00 million). The diluted earnings per share
figure is based on the weighted average of Ordinary Shares in issue adjusted
for potential dilutive Ordinary Shares in the six months ended 30th June 2002
of 45.34 million (2001 - 45.35 million).
5. Debtors due within one year includes �10 million of short-term loans due
from Ocean Terminal Limited, a joint venture company, and �7.42 million due
from BJL in respect of a subscription of shares in a subsidiary company.
6. The financial information contained in this statement does not comprise
statutory accounts within the meaning of the phrase as referred to in Section
240 of the Companies Act 1985. Full accounts for the year ended 31st December
2001 on which the auditors gave an unqualified report have been filed with the
Registrar of Companies.
The principal accounting policies as set out in pages 35-36 of the accounts for
the year ended 31st December 2001 are unchanged.
As permitted by current reporting guidelines, the figures for the six months
ended 30th June 2002 and 2001 have not been reviewed by the auditors in
accordance with guidance issued by the Auditing Practices Board in Bulletin
1999/4 "Review of Interim Financial Information".
7. The interim statement will be posted to shareholders on 12th September 2002.
Copies will be available from the Company's registered office, Forth Ports PLC,
Tower Place, Leith, Edinburgh EH6 7DB
END
Forth Ports (LSE:FPT)
Historical Stock Chart
From Jun 2024 to Jul 2024
Forth Ports (LSE:FPT)
Historical Stock Chart
From Jul 2023 to Jul 2024
